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, that is not only accepted by you, a republican, accepted by alan blinder, a democrat, with the clinton administration, professor from princeton university. there is wide view from economists from both the left and the right this is stupid, the fed policy of paying banks to hoard money. but it leads to a bigger question, wayne, which is, what good is all this money printing, another trillion dollars of money printing this year if they go through all the purchases if banks are not lending it out? what good is the money sitting there in the banks? >> well not much. it doesn't do much good if you don't get the commercial bank, multiplier effect of having them make loans. and that's where it really is and if the fed wants to continue in this, in this vain, it is going to end up with a very long policy period in which it doesn't look all that smart. david: and a portfolio by the way of $4 trillion worth of assets. that is pumping out, printing essentially $4 trillion in their safe they will have $4 trillion of assets that may be diminishing in wealth. so the fed could be in trouble, right? >
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